SC extends Sahara Group chief Subrata Roy’s parole

New Delhi, (IANS) In a relief to Sahara Group chief Subrata Roy, the Supreme Court on Monday extended his parole till August 3, 2016.

The bench headed by Chief Justice T.S. Thakur, however, said Roy will deposit Rs 300 crore by August 3, 2016.

Roy was granted parole on May 6 this year which was extended by two months on May 11. Monday was the last day of Roy’s extended parole.

The Sahara chief was sent to jail on May 4, 2014, for his failure to comply with 2012 order directing him to return investor’s Rs 17,600 crore with 15 per cent interest that his two companies Sahara India Real Estate Corp. Ltd. and Sahara Housing Finance Corp. Ltd. had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.